The Loonie's case was not helped by last Friday's Canadian employment data, which showed an uptick in unemployment to 7.2%, or by an 11-year low for oil. It came away with a weekly loss of one US cent and was down by a cent and a half against sterling.

Although investors agree that the safe-haven Japanese yen and euro are good places to stash their cash there is no such agreement about the supposedly risky commodity currencies. The Canadian and Australian dollars lost ground over the week while the NZ dollar and the South African rand strengthened.